Advise needed! Heloc vs conventional loan

[Erin Lytwyn]

Hello all,

We are looking to purchase an investment property.

We are wondering what the best method of financing is so I thought I would crowdsource some info:

Conventional: We wont need the loan until October as it is a new build still being finished, but we are being quoted around 7% for an investment property with 20% down.
Heloc: We have enough equity in our primary to take out 75% of what we would need for our investment property at 4%ish, then we could either 1) put down rest of cash to buy outright 2) look for financing for the rest.

Curious as we are new to the game which approach seasoned vets would advise?